Small and medium business leaders say they could have to make minor adjustments to their operations in the short term to cope with widespread U.S. tariffs on Canadian goods. The poll of 50 small and medium enterprise leaders across Canada, conducted by the trade services arm of the Toronto Region Board of Trade, found measures […]
Canadian small and medium businesses prefer minor operational adjustments like reduced hours or hiring freezes over layoffs to cope with U.S. tariffs, but acknowledge these measures may only be sustainable for 6-12 months. Industries with high fixed costs may face earlier pressure for workforce reductions. Tariffs could significantly impact revenue, leading to cuts in research and development investments. The report recommends trade diversification, diplomatic engagement, and innovation incentives for policymakers, while businesses should prioritize alternative markets and supply chain flexibility.
